Investment firm Apollo on Thursday acquired a significant stake in Atlantic Aviation in a deal valuing the FBO operator at nearly $10 billion. KKR-managed funds will remain a substantial shareholder under the agreement, although financial terms beyond the valuation were not disclosed.
Apollo Joins KKR
“The private aviation market has structural tailwinds that we believe will persist,” Apollo partner David Cohen said in the companies’ announcement.
Apollo said it plans to work alongside Atlantic and KKR on additional investment and expansion into new markets.
“We believe there is meaningful opportunity ahead,” KKR partner Dash Lane said.
KKR has backed Atlantic since 2021 and said it plans to continue supporting the FBO operator following Apollo’s investment.
Network More Than Doubles In Value
KKR acquired Atlantic Aviation from Macquarie Infrastructure Corp. for $4.475 billion in 2021. Atlantic operated 69 FBO locations at the time and provided fuel, hangar and other services to private aviation customers.
Atlantic now operates more than 105 locations across North America. Its nearly $10 billion valuation is more than twice the value attached to KKR’s 2021 acquisition.
Much of that growth has come through acquisitions, including Atlantic’s 2022 combination with Ross Aviation, which helped push the network past 100 locations. The company has continued adding independent FBOs since then, alongside some growth through new airport lease awards and development.
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